-Russia eyes oil market dynamics
Although Russian markets are quiet in May with the country’s celebrations of Labour Day on May 1 and Victory Day on May 9, the Moscow stock market closed Friday with a 0.22% increase reaching 2,580 points, while the ruble rose to 65.12 against the dollar on the back of the upward trend in oil prices.
However, two tweets from U.S. President Donald Trump on Friday were enough to reverse the upward oil market trajectory.
Trump announced on Twitter that the U.S. would more than double the tariffs on $200 billion worth of imported products from China and said that new import taxes could be applied, ahead of planned bilateral trade talks this week.
Concerns over a new U.S.-China trade war is likely to negatively impact the Russian ruble in parallel with a large number of emerging markets. Falling oil prices are also among the most important factors that can only enhance this pressure.
On the other hand, positive momentum was achieved as a result of key statements made over Russia and Turkey’s collaboration in the defense sector.
Firstly, Sergei Chemezov, CEO of Rosteh, the Russian state defense industry company gave some important signals during an exclusive interview with Anadolu Agency.
Stating that the completion of delivery of the S-400 air defense systems to Turkey is set for the end of this year, Chemezov said, “Enhancing cooperation in the field of air defense systems with Turkey is very important to us. Our countries have the competence to develop technological cooperation in this area. Additionally, Turkey is an attractive market for Su-57 fighter aircraft. The Russians are willing to cooperate in this field if Turkey wants to receive the Su-57 fighter aircraft."
Secondly, Russia's state arms export company Rosoboroneksport’s Deputy General Director Sergey Ladyg said that Turkey and Russia are working on a new long-range air defense system.
"In line with Turkey's interests, we are consulting on the creation of Turkey’s own long-range air defense system. This is a new system apart from the S-400's,” Ladyg said.
It is also plausible that Russian-Turkish cooperation will intensify in the defense industry to include mutual aviation and air defense system production.